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What Are the Types of Health Insurance Plans in India?

This guide discusses three prevalent health insurance types in India: Individual Health Insurance, Family Health Insurance, and Critical Illness Insurance.

  • 05 Jan 2024
  • 3 min read
  • 74 views

With the rise in health-related problems in India, treatment costs have increased sharply. This has led to a higher demand for health insurance plans as they offer financial security during medical emergencies.

 

In the face of adversity, health insurance plans give access to quality healthcare facilities while reducing the financial burden. Selecting the right insurance plan can be difficult due to the different types of health insurance plans available in India.

Types of Health Insurance Plans in India

 

We will discuss here three different health insurance and types.

 

1.    Individual Health Insurance

  • Individual health insurance is designed for a single person, providing coverage for medical expenses and illness-related costs.
  • This plan, purchased by a single individual, reimburses expenses for hospitalisation, surgery and pre/post-medication until reaching the insured limit.
  • Covering hospitalisation, surgical procedures and medication costs, individual health insurance caters to the medical needs of a single person.

 

2.    Family Health Insurance

  • Known as the Family Floater Plan, it provides comprehensive coverage for an entire family.
  • All family members, including the spouse, kids and elders, are covered under this health insurance policy.
  • Only one family member needs to pay the premium, ensuring the whole family is insured with a single payment.
  • The premium calculation considers the age of the eldest family member in the coverage.
  • When multiple family members require simultaneous treatment, insurance claims are applicable for everyone until the coverage limit is exhausted.
  • To prevent an impact on the premium, it is advisable to exclude family members above 60 years from the coverage.

 

3.    Critical Illness Insurance

  • This insurance plan ensures a lump sum payout for major illnesses.
  • During the policy acquisition, the policyholder selects the critical health issues covered.
  • The policyholder becomes eligible to claim if they are diagnosed with any of the predetermined conditions.
  • Filing a claim does not necessitate hospitalisation in this insurance type.
  • Benefits are activated solely by the diagnosis of the critical illness.
  • The fixed payout is unaffected by both pre- and post-hospitalisation costs.

Conclusion

With the continuously increasing expenses associated with medical treatments, people now find it imperative to invest in health insurance policies, ensuring coverage for both themselves and their family members. Hence, buyers must spend time and effort to educate themselves about different kinds of health insurance policies.

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